COMMISSIONER SURTAX Vs. NEW INDIA INDUSTRIES LIMITED

JUDGEMENT

(1.) THOUGH this Income -tax reference is registered as Income -tax Reference No. 217 of 1978 only as proceeding arising out of common judgment of the Income -tax Appellate Tribunal concerning appeals for four assessment years 1967 -68, 1968 -69, 1969 -1970, and 1970 -71, and as there were separate appeals before the Tribunal or these year and there were also cross appeal therein, these references are ordered to be split up and are ordered to be registered as Income -tax References Nos. 217, 217A, 217B, and 217C of 1978. Office is directed accordingly.

(2.) THOUGH different question have been referred for our opinion assessment year -wise, we have thought it fit to reproduce herein below the referred questions topic -wise. Topic I :

(3.) THE question pertaining to deduction of proposed dividend from general reserve. Assessment year 1967 -68 :